Fox says it would welcome pop star Britney Spears back as a judge on “The X Factor” — despite a 20 percent drop in ratings that have led to speculation that the show will soon undergo a massive redo.

“I think Britney did a really good job,” programming chief Kevin Reilly revealed yesterday. “People remain fascinated by her and always will be.

“She tucked in really nicely on that bench.”

Spears — who reportedly took home $15 million for her services — was criticized by many for often appearing dazed and confused, giving short, generic critiques and never becoming the public ambassador the show badly needed.

“Maybe some people were waiting for more drastic displays of some nature that never came,” Reilly admitted. “But, pound for pound, I thought ‘The X Factor’ was excellent this year.”

With the departure of fellow judge L.A. Reid, reports began to surface last month that Spears, 31, would not be back when the show returns in September.

At the end of Season 1 — when the show had 2million more viewers — judges Paula Abdul and Nicole Scherzinger and host Steve Jones were all abruptly fired.